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Newfoundland Regulation 1999
Income Tax Act(O.C. 99-218)(Filed May 27, 1999) Under the authority of section 32 of the Dated at John R. Cummings, Q.C. REGULATIONS Analysis 1. Short title 2. Definitions 3. Qualified dependant 4. Child benefit calculation 5. Benefit reduction calculation 6. Commencement Short title Definitions (a) "Act" means the (b) "NLCB" means the Qualified dependant Child benefit calculation NLCB =
1/12[(A + B+ C +D) -E] where: A equals $204 for the first qualified dependant; B
Benefit reduction calculation (a) is less than or equal to $15,921, the benefit reduction "E" shall equal zero; and (b) is greater than $15,921, the benefit reduction "E" shall be calculated by multiplying the difference between the adjusted income and $15,921 by (i) 4.08% where there is one qualified dependant, (ii) 10.32% where there are 2 qualified dependants, (iii) 17.04%, where there are 3 qualified dependants, and (iv) the total of 17.04%, and the product obtained by multiplying
the number of qualified dependants in excess of 3 by 7.2%. Commencement 6. These regulations shall come into force on ©Earl G. Tucker, Queen's Printer |